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1 Best answerI assume the issue here is that TurboTax won't accept that negative number in the cost basis box.
What you are going to have to do here is report two "sales."
The first sale will put the negative number in the "proceeds" box, with $0 basis.
The second sale will report the proceeds of the sale, also with a $0 basis.
There's really no other way around it since TurboTax, a couple of years ago, dis-allowed negative basis numbers. DO NOT fret about things not perfectly "matching" between the 1099-B and what you report. The IRS uses a sort of "fuzzy logic" for these things so not every little "mis-match" is going to generate some sort of follow up from the IRS. But, more importantly, you'll have stated your income with respect to this transaction correctly and and that's what is really important. The IRS can't really lay a glove on you if your income is correctly reported.
June 5, 2019 10:26 PM 14 RepliesI assume the issue here is that TurboTax won't accept that negative number in the cost basis box.
What you are going to have to do here is report two "sales."
The first sale will put the negative number in the "proceeds" box, with $0 basis.
The second sale will report the proceeds of the sale, also with a $0 basis.
There's really no other way around it since TurboTax, a couple of years ago, dis-allowed negative basis numbers. DO NOT fret about things not perfectly "matching" between the 1099-B and what you report. The IRS uses a sort of "fuzzy logic" for these things so not every little "mis-match" is going to generate some sort of follow up from the IRS. But, more importantly, you'll have stated your income with respect to this transaction correctly and and that's what is really important. The IRS can't really lay a glove on you if your income is correctly reported.
